Even the slightest bad rating on a credit report can have long-lasting negative affects on consumers’ lives – from getting jobs to renting or buying a home. And while most bad credit behavior detailed on credit reports are of the consumers’ own doing, sometimes it’s the result of inaccurately furnished information from financial institutions. That appears to be the case for a Houston-based financial group that now faces a hefty fine from the Consumer Financial Protection Bureau. [More]
consumer financial protection bureau
Subprime Auto Lender Fined $2.75M For Providing Inaccurate Information To Credit Agencies
By 8.20.14
Sketchy Retailer Caught Scamming Servicemembers With Pointless Fees
By 8.14.14
A discount retailer that came under fire last month for its questionable lending and marketing practices received a slap on the wrist from federal regulators for allegedly tricking thousands of servicemembers into paying fees for legal protections they already had and for certain services that the company failed to provide. [More]
CFPB Orders Online Mortgage Lender To Pay $19.3 Million For Bait-And-Switch Scheme
By 8.14.14
Business wasn’t exactly booming for mortgage lenders after the great recession and housing market slump, but that doesn’t mean they had the right to mislead consumers just to make a few (million) bucks. One company that allegedly did just that must repay million of dollars to customers it wronged. [More]
CFPB: Bitcoin, Dogecoin And Other Virtual Currencies Like “Wild West,” Now Accepting Complaints
By 8.12.14
Most financial investments come with significant risks and uncertainties. The mostly unregulated world of virtual currency is no different and U.S. regulators are warning consumers of a “Wild West” environment where there may be little to no recourse should things go south with their digital wallets. [More]
CFPB Report: Typical Overdraft Situation Is Comparable To Small-Dollar Loan With 17,000% Interest Rate
By 7.31.14
If you’re one of the hundreds of millions of consumers who use a debit card you’ve likely found yourself on the receiving end of an overdraft fee when your account balance just wasn’t quite enough to make a desired purchase. While consumers might not necessarily question the occasional overdraft fee, a new report from the Consumer Financial Protection Bureau puts the fees into a disconcerting perspective. [More]
Order Provides $92M In Debt Relief For Servicemembers And Others Deceived By Lending Scheme
By 7.29.14
Despite laws protecting servicemembers from some forms of shady lending, many continue to fall victim to too-good-to-be-true schemes. One company that offered questionable financing to military borrowers and private citizens has been ordered today to provide millions of dollars in debt relief to the consumers it deceived. [More]
Feds File 9 Lawsuits Against Alleged Mortgage Relief Scammers That Took Millions From Consumers
By 7.23.14
If the thought of losing one’s home wasn’t bad enough, finding out that you’ve been ripped off by the companies promising to help must be even worse. Today, the Consumer Financial Protection Bureau, along with the Federal Trade Commission and 15 states announced a string of lawsuits and other actions against such deceptive companies. [More]
The CFPB Has Only Just Begun Tackling Financial Services In Its First Four Years
By 7.21.14
Four years ago, the Consumer Financial Protection Bureau was created – and three years ago it opened its doors – as a safeguard to ensure the financial industry followed the rules when selling products and services to consumers – and a lot has happened since that time. [More]
CFPB Now Accepting Consumers’ Prepaid Card, Debt Settlement And Title Loan Complaints
By 7.21.14
Just in time for the fourth anniversary of its creation, the Consumer Financial Protection Bureau announced its expanding the type of consumer complaints it accepts to include prepaid cards and other nonbank products. [More]
CFPB Wants To Let Consumers Air Financial Grievances In Publicly Viewable Forum
By 7.16.14
Sometimes consumers want to voice their complaints knowing it will remain a private matter; other times they just want to shout it for all to hear. A new proposal from the Consumer Financial Protection Bureau would give consumers that option when voicing their grievances about consumer financial products and services. [More]
CFPB Clarifies Rule That Could Cause Heirs To Lose Their Homes
By 7.8.14
When the Consumer Financial Protection Bureau implemented rules to protect consumers from getting caught in mortgage “debt traps” earlier this year, the regulators may have missed one section of not-so-typical borrowers: consumers who inherit a family member’s home – mortgage and all. [More]
Am I Completely Screwed If My Student Loan Co-Signer Dies?
By 7.7.14
Imagine this scenario: You’ve been out of college for several years, have a good job and you have no problems making your student loan payments in full and on time. Then tragedy hits; your parent dies or declares bankruptcy. If this loved one was a co-signer on your student loan, this change can trigger an often-overlooked clause that allows the lender to claim you are in default on your loan, potentially wreaking longterm havoc on your credit and finances. [More]
Regulators: SunTrust Mortgage Must Provide $540M In Relief To Consumers Wronged By Shady Practices
By 6.17.14
Homeowners underwater with their mortgages and those who lost their homes to foreclosure could be seeing a bit of relief now that several federal agencies and state attorneys generals have filed an order requiring SunTrust Mortgage, Inc. to provide restitution for servicing wrongs. [More]
CFPB Opens Inquiry Into Mobile Financial Services’ Impact On Low-Income Consumers
By 6.11.14
Is the convenience of mobile banking leaving underserved and unbanked consumers in the dust? That’s an issue that the Consumer Financial Protection Bureau is looking into. [More]
CFPB Fines Alabama Real Estate Firm $500,000 For Disclosure Violation
By 5.28.14
Purchasing everything you need for your home at one store can be convenient – it’s one of the reasons we have one-stop-shops. But when a realty firm doesn’t tell consumers they don’t have to use an affiliated mortgage service provider, well, that’s against the law. And as one company can attest it comes with a hefty fine. [More]
CFPB Report Confirms Payday Lenders And Debt Collectors Are The Worst
By 5.22.14
For decades, payday lenders and debt collectors did their work while being largely ignored by federal financial regulators. And a new report from the Consumer Financial Protection Bureau, which recently gained oversight authority over the largest of these businesses, calls out many of the sketchy, sometimes illegal, practices some in these industries have been getting away with for far too long. [More]
Credit Bureaus Are Over-Penalizing Consumers With Medical Debt
By 5.20.14
Making a trip to the emergency room can be a stressful experience for most consumers. The effect that trip has on your credit score shouldn’t be something you’re worried about. But a new study from the Consumer Financial Protection Bureau found that consumers’ credit is overly penalized by medical debt that goes to collection. [More]
Report: Older Americans Facing Significant Increases In Mortgage Debt Load
By 5.7.14
Once upon a time reaching retirement age meant consumers would have less on their plates and more time to enjoy their golden years. Part of that included no longer holding a mortgage. But a refinancing boom during the 2000s and a trend of buying homes later in life has left many older Americans with a substantial amount of mortgage debt. [More]
